First Citizens BancShares and CIT Merging to Create $100B Asset Bank

The $49-billion asset First Citizens BancShares (NASDAQ: FCNCA) is merging with the $61-billion asset CIT Group (NYSE: CIT) in an all-stock deal that will create the 19th largest bank in the U.S., it was announced today.

The combined company will be headquartered in Raleigh, North Carolina, and have a significant presence in New York; New Jersey; Pasadena, California; Omaha, Nebraska; Phoenix; Jacksonville, Florida; and Columbia, South Carolina, among other locations.

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Source Fool.com